The group has announced it will purchase the advice business of a listed rival.
In a statement to the market on Wednesday, Centrepoint Alliance said it would purchase the advice business of Clearview Wealth for $15.2 million, including the Clearview and Matrix dealer groups.
The purchase will be financed by the issue of $12 million in escrowed Centrepoint shares and a cash consideration of $3.2 million, with ClearView to become a 25% shareholder in Centrepoint.
“This transaction represents the next phase of Centrepoint Alliance’s growth by providing immediate scale and will increase the business’s long-term value and profitability,’ said Centrepoint CEO John Shuttleworth.
The news was announced as part of Centrepoint's full-year results, which saw the advice group record a net profit after tax of $1.8 million.
More to come.
There were 25 winners at the first-ever Australian Wealth Management Awards, held in Sydney tonight. The Australian ...
The shadow treasurer says there was an opportunity to improve the advice industry with the Delivering Better Financial ...
Superannuation funds have thrown their support behind the reforms but want a “clear statement” that they will not be ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin